ABI opposes changes to holiday protection scheme
by Gill Montia
Story link: ABI opposes changes to holiday protection scheme
The Association of British Insurers (ABI) has expressed dismay at the government’s plans to replace the Air Travel Organisers’ Licensing (ATOL) protection scheme with a £1 levy on holidays.
ATOL is a scheme set up to protect consumers in the event of their tour operator ceasing to trade.
It is administered by the Civil Aviation Authority (CAA) […]
Call Connection Call For More Over 80s Cover
by Stewart Douglas
Story link: Call Connection Call For More Over 80s Cover
Insurance lead broker Call Connection has today addressed its intentions to team up with a leading insurance provider within the niche over 80s insurance market, to capitalise on the UK’s aging population and a lack of adequate cover in the marketplace at present.
Call Connection currently trades in customer leads for insurance companies, buying and selling […]
Novae Appoint AIG’s Gibson
by Stewart Douglas
Story link: Novae Appoint AIG’s Gibson
Insurance company Novae have today announced the appointment of a former AIG executive to its post as head of Scotland and Northern Ireland regions, as part of its ongoing strategy of corporate development outwith its core business markets.
The company has today announced former AIG man John Gibson as its new head for regional development in […]
Oval’s profits and turnover rise
by Richard Kilner
Story link: Oval’s profits and turnover rise
Oval, which is backed by Caledonia Investments plc, has announced its results for the year ending 31st May, 2007.
Group revenues went up from £47m to £60m, a rise of 27% and the firm’s insurance broking division expanded its gross written premium to over £250m.
Oval’s Financial Services division has more than £3 billion under advice. Group […]
New specialist website by Heath Lambert
by Richard Kilner
Story link: New specialist website by Heath Lambert
A new website has been launched by Heath Lambert, making specialist travel insurance available for brokers for people with pre-existing medical conditions.
The specialist scheme has been designed to make it easy for brokers to get cover for clients who are either older or have pre-existing medical conditions. A simple website has been built under the […]
Lloyd’s give £450,000 to new charity partners
by Richard Kilner
Story link: Lloyd’s give £450,000 to new charity partners
Samaritans, Coram and FARM-Africa have been named by Lloyd’s as its partner charities from 2007 to 2010, with each charity receiving £150,000 over that time period from Lloyd’s Charities Trust (LCT).
The Samaritans project “Skills for Life”, which supports young people dealing with emotional and/or mental health issues, will be one beneficiary of the LCT’s grant.
Coram […]
Libero Ventures created by Lehman Brothers
by Richard Kilner
Story link: Libero Ventures created by Lehman Brothers
Libero Ventures, a subsidiary of Lehman Brothers, is to start trading following the FSA granting it authorisation.
Central to Libero Ventures is the tool Reinsurance Financing, which enables insurers to increase their overall return on capital and is suitable for single class, multi-class and whole accounts portfolios.
According to Lehman Brothers, insurers using Reinsurance Financing will keep […]
Ombudsman warns against fronting
by Gill Montia
Story link: Ombudsman warns against fronting
The Financial Ombudsman Service is warning motorists that the insurance industry is currently rejecting thousand of claims because of a form of fraud known in the industry as “fronting”.
A common example of “fronting” would be when a young driver has a car but falsely informs his or her insurance company that a parent is the […]
Standard Life and Swiss Re to bid £5bn for Resolution
by Gill Montia
Story link: Standard Life and Swiss Re to bid £5bn for Resolution
This week, Standard Life and Swiss Re, the closed life funds consolidator, are expected to make a £5 billion takeover bid for Resolution, the largest specialist manager of in force UK life funds.
Resolution is currently negotiating a merger with Friends Provident but Pearl Group, its largest shareholder, is opposed to the move.
The Standard Life/Swiss Re […]
Endurance Appoints Aeschbacher
by Stewart Douglas
Story link: Endurance Appoints Aeschbacher
Endurance Worldwide Reinsurance has today announced it has appointed Patrick Aeschbacher as head of reinsurance in its emerging Asian and Australian markets, in a role it is hoped will see him bring decades of experience in the industry together with a charismatic approach to management.
The appointment was announced today by parent company Endurance Specialty Holdings […]
Direct Line Boosts Business Product Portfolio
by Stewart Douglas
Story link: Direct Line Boosts Business Product Portfolio
Leading insurer Direct Line has today announced two further product lines within its new commercial product catalogue, which has seen it move from an exclusively consumer-driven insurer into more lucrative commercial markets, mainly at the small to medium business niche.
The announcement today saw the launch of the commercial property and shop cover products, which will […]
Willis Unveils D&O Database Application
by Stewart Douglas
Story link: Willis Unveils D&O Database Application
Insurer Willis has today unveiled a new tool deigned to help provide support to decision makers in customised directors’ and officers’ liability cover policies, in light of the sweeping legislative changes in relation to directors responsibilities and duties.
The tool has been branded WISDOM (Willis Integrated Solutions Directors and Officers Model, and is designed to enable […]
New supervisor education project announced by IAIS
by Richard Kilner
Story link: New supervisor education project announced by IAIS
A new education project created to improve supervisors’ knowledge of regulation and supervision has been announced by the International Association of Insurance Supervisors (IAIS).
Emerging markets will be the focus for the IAIS, which is seeking to harmonise supervisory regimes for insurance and increase the stability of financial services. The educational project will be delivered both […]
Metcalf joins Liberty Syndicates as chief executive
by Richard Kilner
Story link: Metcalf joins Liberty Syndicates as chief executive
Nick Metcalf has been newly appointed as Liberty Syndicate Management Limited’s new chief executive.
Liberty Syndicates has a capacity of £917m and five specialist business lines, which include London market reinsurance, property and casualty.
Metcalf’s previous position was with Arch Insurance Group, where he had been director of European operations since 2004.
Metcalf has stated he is looking […]
Stonehouse becomes JHC’s new chairman
by Richard Kilner
Story link: Stonehouse becomes JHC’s new chairman
Brit Insurance’s hull underwriter, Simon Stonehouse, has been elected chairman of the Joint Hull Committee (JHC), which represents the London underwriters for marine hull issues.
Stonehouse will replace the senior underwriter of Ark Syndicate Management Limited, Peter McIntosh, who is stepping down from the position for chairman after three years in the role, though he will […]
WISDOM created by Willis
by Richard Kilner
Story link: WISDOM created by Willis
Willis has launched a proprietary analytical tool named WISDOM (Willis Integrated Solutions D&O Model), designed to aid clients creating D&O insurance programs.
WISDOM will provide both data and analysis that is more quantitative, compared to more usual benchmarking, and tailored to specific clients.
Audit Integrity and Advisen, leading research organisations, assisted on WISDOM’s development.
WISDOM has an impressive […]
Professions’ loading in need of attention
by Gill Montia
Story link: Professions’ loading in need of attention
Moneysupermarket.com, the price comparison website, has been looking at how a person’s profession can affect their motor insurance premium.
It would appear that doctors, accountants and insurance inspectors are among the UK’s most accident-prone drivers, while actors, wine merchants and antique dealers are some of the safest.
In the case of doctors and surgeons, premiums are being […]
Allianz launches third-party litigation business
by Gill Montia
Story link: Allianz launches third-party litigation business
Allianz is launching a new UK business in November, aimed at providing assistance for small businesses involved in legal disputes.
The insurer will be the first mainstream provider to join the UK market for third-party litigation.
This market has traditionally been dominated by specialist firms that offer to pay legal fees, in return for a share of […]
Matanle named as Market Reform Group’s new chairman
by Richard Kilner
Story link: Matanle named as Market Reform Group’s new chairman
The future chairman of the London Market Reform Group has been revealed as Stephen Matanle, currently Marsh’s Global Placement Leader and chairman of the London Market Insurance Brokers’ Committee.
Dane Douetil, the incumbent and CEO of Brit Insurance, will hand over to Matanle at the end of 2007.
Douetil announced to the Insurance Institute of London that […]
Sharp rise in general insurance fraud
by Gill Montia
Story link: Sharp rise in general insurance fraud
The Association of British Insurers (ABI) has published its latest research into general insurance fraud, showing a sharp increase in the number of cases.
According to the ABI, one in 11 claims submitted is false, a figure threefold that of 2003.
Household insurance claims account for over half of this kind of fraud with incidents such as […]
